NIEEB tours Mat North

The National Indigenisation and Economic Empowerment Board (NIEEB) has unveiled the Community and Employee Share Ownership Scheme in Matebeleland North province in an effort to ensure that the black majority benefits from the countryâ€™s vast natural resources.

In an effort to raise public awareness concerning the latest developments in the Indigenisation and Economic Empowerment Programme, the Board has been holding stakeholders meetings at various mining companies in different provinces.

Speaking during an outreach programme at Queens Mine in Bubi District, NIEEB Chairperson, Mr. David Chapfika said under the 51% stake in every foreign owned mining company, 5% will be taken by the company employees, while 10% will be taken by the local community which will have a Board of Trustees not exceeding eleven members, chaired by the paramount chief of that area.

He said the Chief Executive Officer of a local district council will provide the secretarial capacity, adding that the Board of trustees must include the District Administrator, representatives of war veterans, youth, women and disadvantaged groups to ensure a balanced representation.

Turning to the business community, Mr. Chapfika said they stand to benefit under the Procurement Quota which requires foreign owned companies to procure at least 50% of their consumables from local companies.

He however urged local companies to produce high quality products so that they maximise on their profits.

The stakeholdersâ€™ meeting was attended by employees and management of Queens Mine, government officials and the community.